3 Best Small Business Insurance Companies (2021)
3 Best Small Business Insurance Companies (2021). In business, accidents are surprisingly more common than most people assume. That's why it is so important that business owners are protected just in case there is an accident. Not to mention, coverage is essential for small and medium-sized businesses, with the average injury claim being a whopping $35,000.
Regardless of the type or size of business you own, the important thing is never to leave yourself vulnerable. You need to always make sure that a couple of insurance policies are covering just about every possible liability or risk present.
Not having the correct type of insurance is just as good as not having insurance at all; when your business isn't protected, just about any accident can endanger its existence.
Finding insurance can be easier said than done. Not to mention that there are some companies that are better than others. That's why in a bid to save you a great deal of hard work, we've listed three of the best insurance companies for small business owners.
Our 3 best small business insurance companies ranking is based on a couple of variables, including; cost, customer service quality, insurance claim processing, and coverage that meets the needs of most small businesses.
Find the 3 best small business insurance companies to help protect your businesses from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Following are the 3 best small business insurance companies in (2021); Liberty Mutual, Travelers and Hiscox:
- Why Is Liberty Mutual Insurance A Top Rated Small Business Insurer?
- Why Is Travelers Insurance A Top Rated Small Business Insurer?
- Why Is Hiscox Insurance A Top Rated Small Business Insurer?
Why Is Liberty Mutual Insurance A Top Rated Small Business Insurer?
One of the reasons we chose Liberty Mutual is that they are amongst the best Business Owner's Policy (BOP) insurers. The company offers business owners a pretty swift and easy process.
Plus, they cover many different industries, and coverage can be combined for what can often be a pretty cost-effective small business insurance policy. In other words, business owners enjoy suitable coverage at a reasonable price regardless of the industry.
24-Hour Claim Assistance
Liberty Mutual advertises 24-hour claim assistance, mainly via its network. Liberty Mutual has adjusters working around the country, which is why the company tends to settle claims quicker than most of its competitors, even if those businesses are in rural communities.
Its ability to swiftly address claims has earned the company an A+ rating by the Better Business Bureau.
Most business owners should get their insurance policy through one of the many independent agents that work with the insurer.
However, it is important to recognize that the company has many types of coverage, including commercial auto insurance, inland marine insurance, umbrella coverage, equipment breakdown coverage, workers' compensation, and others.
In addition, there are 11 industry-specific solutions, including ones for financial institutions, public entities, wholesale, healthcare, and real estate.
Call (844) 852-0134 for a Liberty Mutual Business Insurance Quote.
Liberty Mutual Business Insurance Pros
- Easy and quick claim processing for small businesses
- Claims can be filed via an app or online via Liberty Mutual's website
- Adjusters are available in most parts of the US
- 24-hour claim assistance hotline
Liberty Mutual Business Insurance Cons
- Liberty Mutual's small business insurance availability varies by state.
Read Liberty Mutual Small Business Insurance Reviews for more on Liberty Mutual's commercial insurance ratings.
Why Is Travelers Insurance A Top Rated Small Business Insurer?
Travelers is a great choice if you want to insure commercial property, primarily because they have a great deal of experience in this space. In fact, they were ranked the largest commercial property insurer in the US.
Travelers is one of those companies that has a history stretching back over a hundred years. It started out with one of the founders writing accident insurance for just two cents premium. The company we all know today was officially formed in 2004 when St. Paul Companies and Travelers merged. That merger resulted in an A++ rating by AM Best.
Travelers has various policies and are designed to meet the needs of businesses across over 20 industries. The most popular industries include transportation, construction, retail and manufacturing amount others. Though the company now has a considerable amount of expertise in the commercial property insurance space.
According to information from Insurance Information Institute, the company writes a boatload of property insurance, so much so that it ranked no. 1 in 2019 for commercial property insurance in the US.
The company also offers various other types of insurance policies, including cyber liability, commercial auto, workers' compensation, surety bonds, etc. That said, the prices for these policies vary by industry.
The other interesting thing about Travelers is that the company operates in the US and across the border in Canada and the UK. That's why it is perhaps one of the few companies that a business owner who does business internationally can contact for an insurance policy best suited to their needs.
Travelers also has an A+ BBB rating. However, there are quite a few complaints against the company, so business owners should do their due diligence. Make sure to review the policy's documents before seeking coverage from Travelers, especially if it's through an independent agent.
Call (877) 842-6720 for a Travelers Business Insurance Quote.
Travelers Business Insurance Pros
- A+ Rated by the BBB and AM Best
- Offers insurance in more than 20 industries
- Operates in the UK and Canada
- It was also formally the no. 1 and is also the present no. 2, commercial property insurance company in the US in terms of the number of premiums written
Travelers Business Insurance Cons
- The company has quite a few complaints lodged with the BBB
- The features and pricing are dependent mainly on operations and the industry
Read Travelers Small Business Insurance Reviews for more on Traveler's commercial insurance ratings.
Why Is Hiscox Insurance A Top Rated Small Business Insurer?
When it comes to independent contractors, Hiscox is a top pick. The small business insurance products are designed and priced with freelancers and independent contractors in mind.
Hiscox has a pretty long history, with it being initially founded in 1901 as an underwriter in Lloyd's market. While it is based in Bermuda, the company trades on the London Stock Exchange. Still, it also does business in around 14 countries and operates in all 50 US states, including the District of Columbia.
Hiscox offers the core lineup of insurance policies for small businesses, including BOPs, professional liability, general liability, workers' compensation, commercial auto insurance, employment practices liability insurance, and cyber liability. Hiscox also writes all insurance policies that are sold by GEICO.
The standard liability coverage offered has a $2 million limit, though it's possible to get higher limits upon approval. The company also boasts of covering a myriad of industries, and they have policy types with low monthly rates, which can get a company started in most cases at lower than regular market premiums. That's why many small businesses and independent contractors see it as an affordable solution.
Customized insurance policies are available for various industries, including fitness instructors, janitors, consultants, acupuncturists, salons, etc.
Click CoverWallet for a Hiscox Business Insurance Quote.
Hiscox Business Insurance Pros
- Hiscox is a large international insurance company
- The policies are mainly geared towards micro businesses
- The company has operations across all 50 states, including DC
Hiscox Business Insurance Cons
- Hiscox only has 11 offices in the US
- It isn't a US-based entity
Read Hiscox Small Business Insurance Reviews for more on Hiscox's commercial insurance ratings.
3 Best Small Business Insurance Companies (2021) - The Bottom Line
When seeking small business insurance, it is imperative that you know the average cost of insurance as a business owner. While the cost can vary widely based on location, industry and coverage types, it will generally be between $800 on the low end and over $1500 on the high end for basic coverage. However, businesses with employees can expect to pay more.
Business owners with facilities and equipment with employees or those who offer professional advice will all expect to pay more annually to ensure that they are protected against risks associated with their industries.
Also, the cost can be higher for business owners who want higher coverage limits, need additional coverage, or have lower deductibles. All of this means you should get a few quotes from insurers in your city before moving forward.
More Commercial Insurance Company RatingsSmall Business Insurer Ratings & Reviews:
- ACE Group
- American Family
- Applied Underwriters
- biBERK Insurance Services
- Central Insurance Companies
- Colony Specialty
- Fireman's Fund
- Hartford Steam Boiler
- Jewelers Mutual
- Liberty Mutual
- Markel Insurance
- Merchants Insurance Group
- Ohio Casualty
- Penn-America Group
- Philadelphia Insurance Companies
- Pie Insurance
- State Farm
- State National Insurance Company
- The Hartford
- The Main Street America Group
- Utica First
- BB&T Insurance Services
- Brown & Brown
- Burns & Wilcox
- Commercial Insurance.NET
- Contractors Edge
- Coterie Insurance
- Day Care Insurance Services, Inc.
- Embroker Insurance Services
- Huckleberry Insurance
- Jimcor Agencies
- Risk Placement Services
- Simply Business
- USG Insurance Services
- Valley Forge Insurance Brokerage
- Verifly Insurance Services
Best Business Insurance Ratings & Reviews
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